The COVID-19 crisis has required a real-time monitoring of economic activity, which has not been possible with the usual data. However, by using high-frequency data, such as electricity consumption and credit card transactions, it has been possible to estimate the magnitude of the shock and the timing of the rebound at an early stage, for both industrial production and for household consumption.
Chart 1: Impact of the health crisis on household consumption and firms' electricity consumption (%) Note: Deviation from a normal level (households) or from the historical average (firms). Household consumption is estimated by credit card transactions. Electricity consumption is adjusted for temperatures and working days.